Cap Rate: 5.75%
Net Operating Income: $55,253
Square Footage: 3,414
Rent to Sales: 5.6%
The subject offering is a NNN leased offering for a KFC in Ferriday, Louisiana. There are scheduled increases of 7% every five years in the initial term and at each of the two, five-year options. The asset is well situated on a hard corner and benefits from excellent access and visibility. This location had a recent image update.
Ferriday is a town in Concordia Parish in northeastern Louisiana, United States. The population, which is three-fourths African American, was 3,511 at the 2010 census.
Ferriday played a role in the promotion of blues music through the Haney’s Big House lounge in the African-American community. Almost every Delta Blues musician played at Haney’s. The Delta Music Museum in the downtown historic district is open daily to visitors, many of whom come from out of state. It is located next to the restored Arcade Theater. The museum contains exhibits on Ferriday natives, some of whom were blues, rock, pop, and country musicians.
The town claims to have produced more famous people per square mile than any other in America. This statement intrigued author Elaine Dundy, who explored both celebrities and townsfolk in her book, Ferriday, Louisiana, published by E. P. Dutton in 1991.